Indian Economy
India's exports likely to fall 13% to $270 billion in FY2016. Workers signal to a mobile crane operator as he moves a container to stack it at Thar Dry Port in Sanand in the western Indian state of Gujarat. (File picture)Reuters

World Bank chief economist Kaushik Basu indicated on Saturday that the World Bank could revise India's GDP growth forecast for the current fiscal by January.

"There could be some changes in the January review of India's growth forecast," Basu said in Kolkata.

The projections were retained by the bank in October this year when the bank said India would grow at 7.5% this fiscal and 7.8% next fiscal.

A few days ago, the Narendra Modi government had revised the FY16 GDP growth estimate to 7-7.5% from 8-8.5% in the Budget presented last year.

The International Monetary Fund (IMF) in its World Economic Outlook released in July this year had estimated India's GDP for calendar 2015 and 2016 at 7.5%, while projecting the Chinese economy to grow at 6.8% this year and 6.3% in calendar 2016.

The Indian economy grew at 7.2% in the first half of the current fiscal, with the the second-quarter growing of 7.4%. The "Make in Indi" initiative saw the manufacturing growing at 9.3% in q2.

Basu said falling crude oil prices in the global market are helping countries like India.

"What is helping India is a positive general mood which helps investment climate. The oil price drop is also helping India and Bangladesh," he said, reports PTI.